Philippine Peso Rebounds Against US Dollar, PSEi Edges Up

The Philippine peso rebounded against the US dollar on Wednesday after posting its 23rd record low the previous trading day, supported by a stronger Japanese yen and a stronger local equities market. The local currency gained 11.2 centavos to close at P62.513:$1 from Tuesday’s record low close of P62.625:$1. Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Wednesday’s appreciation to a stronger Japanese yen, which supported major Asian currencies against the greenback, including the peso. “It is worth noting that the peso exchange rate was relatively stable vs. the US dollar recently amid possible intervention/smoothening of market volatility at 61.60-62.60 levels/range highs recently,” he said in a mobile message. Ricafort also cited the Philippine Stock Exchange index (PSEi), which grew by 10.54 points, or 0.17%, to 6,116.53. The broader All Shares index rose by 1.28 points, or 0.04%, to 3,385.85. More than 939.596 million shares, valued at P5.898 billion, changed hands. Decliners led advancers, 106 to 88, while 55 issues were unchanged. “The local index closed slightly higher as trading remained cautious, with investors continuing to focus on selected heavyweights. Market sentiment also improved as the Philippine peso showed some relief against the US dollar,” Regina Capital Development Corp. head of sales Luis Limlingan said in a separate message. He noted, however, that the upside was limited, as market players continued to have a selective approach amid economic uncertainties. — BM, GMA News